Apple Music Growing Strong: 38 Million Paid Subscribers, But Spotify Still Rules

Apple Music Growing Strong: 38 Million Paid Subscribers, But Spotify Still Rules

There are easily two billion people in the world who can afford to pay for some level of music, yet Spotify and Apple Music combined have only around 100 million subscribers globally. "Since Spotify isn't selling any stock in the listing, we're really entirely focused on the long-term performance of the business".

"Something for nothing. It's the greatest value proposition in the history of the world", said Gustav Söderström, Spotify's head of research and development.

"This strategy also equipped Spotify with a lever to control growth given its variable cost structure, incurring royalty costs for each new user who listens to songs". The startup is taking the atypical route of a direct listing, offering new shares to trade in the open market without banks underwriting the offering. "There's no reason to dilute our existing shareholders to raise money we don't need".

Company executives shared the news on Thursday during its first investor day. And three: "Once they have Spotify on their phone, auto speaker and devices, music simply becomes a much bigger part of their lives, and the more they engage, the more likely they are to discover that music is an important part of their life worth paying for".

Spotify Technology SA executives outlined their vision for the music-streaming company and dug into its financials, opening to the public a presentation that typically remains behind closed doors, as the company hurtles toward an April initial public offering.

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Spotify's presentation to investors set out how it planned to grow and fend off larger rivals such as Apple (NasdaqGS: AAPL - news) and Amazon.

The music-streaming subscription service announced the timing at an investor day on Thursday (March 15), in a live-streamed hours-long event created to introduce the company to public market investors.

Apple are considering even including data on how much income artists are making from their streams for the future but as of yet are not featuring them.

The direct listing is critical to alleviating Spotify's losses, which are driven by financing costs, and will enable all late-stage investors to convert debt holdings into equity. There are no indications though on when operations begin, but reports suggest that the music-streaming giant might have already hired someone to lead its India business. "I think this puts us on a growth trajectory of generational proportions".

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